According to a tweet posted on Wednesday, October 5, 2022, via Milkomeda’s official Twitter account, Algorand, one of the leading Proof of Stake blockchain platforms, is set to receive Ethereum Virtual Machine (EVM) capabilities.
https://twitter.com/Milkomeda_com/status/1577566788564537344?s=20&t=rmbQlp55pTK2L-1U1o3UdA
Milkomeda recently announced on its official Twitter page that phase two of the Algorand deployment has been completed, and the next phase will begin after its partners complete their integration.
Since February 2022, Algorand has been pushing for compatibility with other blockchains, notably Ethereum, and has been looking for a way to bridge and enable integration with other blockchain networks to allow a significant inflow of liquidity into the network.
Despite Algorand’s low transaction costs, high scalability, and low latency, it struggles to attract liquidity and network activity is comparatively lower versus Ethereum or the BNB Smart Chain. Also, its users are struggling with a lack of network effects as most of the NFT and DeFi projects reside in the Ethereum ecosystem.
To address the liquidity issue, Milkomeda A1 Rollup will be deployed on the Algorand mainnet to bring the Ethereum Virtual Machine (EVM) capabilities to the Algorand blockchain and all the associated benefits.
According to Milkomeda, Celer will be deployed on the Milkomeda A1 roll-up to give Algorand users a good decentralized inter-chain experience and give them access to more than 30 other blockchains via the Celer SGN.
“The Celer cBridge is built on top of the Celer Network and it is this underlying protocol that enables the trustless transfer of both fungible and non-fungible tokens (NFTs) between multiple blockchain networks in a single click. The Celer Network connects 35 blockchain networks and supports the transfer of 30+ tokens between those chains, via over 750 bridges.”
As a result of the deployment, Algorand users will be able to transact and transfer liquidity across multiple chains in a fluid manner, allowing users of other networks to experience dApps built on top of the Algorand ecosystem, along with instant transaction finality.
